Air Charter Service (ACS) has posted a strong set of results for the first half of 2015, and says cargo was especially bouyant.
The aircraft charter specialist says that during the six months ending 31 July, business increased by 41 per cent.
ACS chairman Chris Leach, explains: “The overall increase in revenue, charters and profit is extremely pleasing. The strong figures have been evenly spread around the world. The only region in which we didn’t see growth was Russia, so results would have been even better if it were not for the current troubles there.
“We are pleased to see the continued recovery of the cargo charter market after two years of virtual stagnation. Our Cargo department in particular has had a booming first half of the year, seeing a 60 per cent increase.”
Leach says ACS has carried out some restructuring in its group charter division by cutting out an unprofitable revenue stream and focusing on other markets. “This has reaped rewards with an increase of 36 per cent,” Leach notes.
The company remains debt free with a strong balance sheet and bank funds of £11.7 million ($17.8 million) worldwide at the end of the half year, up from £8.8 million last year, a 33 per cent increase, Leach says.
“These figures do not include deposits from our Lindbergh Card customers, as we hold these in separate bank accounts on behalf of our clients which are not mixed with our own trading funds.” he adds.
Leach explains overall profits have more than doubled year-on-year, a large amount of which it has reinvested in global infrastructure such as revamped websites and the opening of new offices such as Geneva (Switzerland) in May – with two more planned in the coming six months, to take the total globally to 20.
“We are also diversifying our service offerings with our new on board courier division, aircraft sales division and Air Evacuation Plan department, all of which complement our existing revenue streams,” Leach adds.